B.A.F. / THIRD YEAR - VITH SEMESTER (REVISED)

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1 AUDIT (Technique of Auditing & Audit Procedures) 1. Vouching of receipts & Payments a) Receipts Audit of receipts including cash sales, receipts from debtors, recovery of bad debts written off, rents, interest, dividend, royalties, insurance claim, sale of assets, miscellaneous receipts b) Payments Audit of payments including cash purchases, payment to creditors, salaries and wages, rent, insurance premium, petty cash expenses, telephone expenses, postage and courier, traveling, commission, advertising, internet expenses, purchase of assets, deferred revenue expenditure, taxes, directors remuneration 2. Verification and Valuation of Fixed Assets Fixed Assets: - Land, building, plant & machinery, goodwill, patents & copyrights Investments: - shares/ debentures in listed companies, Shares/debentures in unlisted companies, Government securities Current Assets- stock, debtors, cash and bank balance, loans and advances. Liabilities Loans taken secured and unsecured, sundry creditors, bills payable 3. Audit of Limited Companies a) Qualification, disqualifications, appointments (First & Subsequent auditor), reappointment, removal of auditors. b) Certificate & reports c) Report under companies act, AAS-28 d) Rights, duties and liabilities of auditor 4. Tax Audit Requirements, qualifications u/s 44AB, tax audit report with annexures

2 COST ACCOUNTING PAPER IV 1. Budgeting and Budgetary Control Meaning and objectives, Advantages and limitations of budgets Functional budgets, Fixed and Flexible budgets Zero based budgeting, performance budgeting Simple practical problems of preparing flexible budgets and functional budgets 2. Absorption Costing and Marginal Costing Meaning of absorption costing, Introduction to marginal costing Distinction between absorption costing and marginal costing Advantages and limitations of marginal costing 3. Cost Volume and Profit analysis Break even analysis meaning and graphic presentation Margin of safety Fey factor Simple practical problems based on using the marginal costing Formulae 4. Managerial Decision Making Make or buy Sales mix decisions Exploring new markets Plant shut down decision Simple practical problems 5. Standard Costing and Variance analysis Preliminaries in installing of a standard cost system Material cost variance Labour cost variance Variable overhead variances Fixed overhead variances Sales variances Simple practical problems

3 FINANCIAL ACCOUNTING PAPER VII 1. Accounting for Banking Company (1) Legal provision in Banking Regulation Act, 1949 relating to Accounts. (2) Statutory reserves including Cash Reserve and Statutory Liquidity Ratio (3) Bill purchase and discounted, rebate of bill discounted (4) Final accounts in prescribed form (5) Non-performing assets and Income from non-performing assets. (6) Classification of Advances, standard, sub-standard, doubtful and provisioning requirement. 2. Accounting of General Insurance Company (1) General Insurance Various types of insurance, like fire, marine, Miscellaneous (2) Special terms like premium, claims, commission, Management expenses, Reserve for unexpired risk, reinsurance (3) Final accounts in a prescribed form. Revenue Statement Form B RA, Profit/Loss Account Form B PL and Balance Sheet Form B BS. 3. Accounting Standards (1) AS-2 Valuation of inventories (2) AS-6 Accounting for Depreciation (3) AS-10 Accounting for Fixed Assets (4) AS-07 Construction Contracts ( Theory, Case Study and Practical questions) 4. Liquidation of Company (1) Meaning of liquidation or winding up (2) Preferential payments (3) Overriding preferential payments (4) Preparation of statement of affairs, deficit/surplus account (5) Liquidator s final statement of account 5. Limited Liability Partnership Statutory provisions Conversion of proprietary business in partnership Final accounts

4 FINANCIAL ACCOUNTING PAPER VIII 1 Valuation of goodwill, shares and business a) Valuation of goodwill b) Maintainable profit method c) Super Profit Method d) Capitalisation Method e) Annuity method f) Valuation of Shares g) Intrinsic Value of the Asset h) Yield Method i) Fair Value Method 2 Final Accounts of Companies a) Relevant provisions of Companies Act related to Final Account(excluding cash flow statement) b) Vertical and horizontal formats of profit/loss account and balance sheet c) AS 1 in relation to final accounts of companies (disclosure of accounting policies) 3 Profit Prior to Incorporation a) Principles for ascertainment b) Preparation of separate, combined and columnar profit/loss account and balance sheet including different basis of allocation of expenses/incomes. 4 Foreign Braches Conversion as per AS 11 and incorporation in HO 5 Accounting Standards

5 MANAGEMENT - II (MANAGEMENT APPLICATIONS) 1 Marketing Management a) Meaning and Definition of Marketing 4 Ps of Marketing b) Product Management Meaning & Definition Product Development Strategies c) Price Management Meaning & Definition Pricing Strategies d) Place(Distribution) Management Meaning and Definition Factors governing Distribution Decisions Types of Distribution Channels e) Promotion Management - Meaning Promotion Strategies 2 Production Management a) Meaning and Definition of Production Management Scope of Production Management Production vs. Productivity b) Meaning of Productivity Measurement of Productivity Measure to increase Productivity Productivity improvement in India c) Meaning and Definition of Quality Management TQM Quality Circles ISO 9000/14000 d) Inventory Management Meaning and Methods 3 Human Resource Management a) Meaning and Definition of Human Resource Planning, Human Resource Management and Human Resource Development b) Process of Human Resource Planning c) Scope of Human Resource Management d) Methods of Developing Human Resource e) Performance Appraisal Meaning and Definition - Traditional and Modern Methods of Appraisal - Self Appraisal Appraisal 4 Financial Management a) Meaning and Definition of Financial Management Functions of Financial Management b) Short term and Long Term Sources of Finance Source and Significance c) Capital Market Meaning and Constituents Functions d) Fundamental Analysis Technical Analysis Venture Capital DEMAT Account Futures and Options

6 TAXATION PAPER IV DIRECT TAXES - 2 INCOME TAX ACT, Capital Gains Sections Sec : 45 Chargeability of Capital Gains Sec :48 Mode of Computation of Capital Gains Sec : 49 Cost with Reference to Certain Modes of Acquisition Sec : 50 Special Provisions for Computation of Capital Gains in Case Of depreciable Assets. Sec : 50 B Depreciable Assets Sec : 50 C Full Value of consideration Sec : 54 Profit on Sale of Property Used for Residence Sec : 55 Meaning of Adjusted, Cost of Improvement & Cost of Acquisition (Incl. Section 2 Capital Assets & Transfer) 2 Basic Aspects of Deductions of Tax at Source Sec : 194 A TDS on Interest. Sec : 194 C TDS on Payment made to Contractor Sec : 194 H TDS on Commission. Sec : 194 I TDS on Rent Sec : 194 J TDS on Professional Fees. Payment of TDS and Procedure for E Filing of TDS Return 3 Set Off and Carry Forward of Losses Sec : 70 Set off Loss from one Source Against Income from Another Source Under the Same Head of Income Sec : 71 Set Off Loss from One Head Against Income Of Another Head Sec : 71 B Carry Forward & Set Off of Losses From House Property Sec : 72 Carry Forward & Set Off of Losses from Business Sec : 73 Losses in Speculation Business Sec : 74 Loss under the head of Capital Gains 4 Computation of Income of Partnership Firm in Relation to Sec : 40(b) and Tax thereon with Applicable Rate of Tax 5 Return of Income - Sec Advance Tax u/s 207, 208, 209, 210, 211 Sec : 207 Income Liable to Advance Tax Sec : 208 Liability of Advance Tax Sec : 209 Computation of Advance Tax Sec : 210 Payment of Advance Tax by Assessee on His Own Account Sec : 211 Due Dates of Payment of Advance Tax

Third Year Semester V and VI

AC 29-5-15 Item No. 4.1 University of Mumbai Revised Syllabus and Question Paper Pattern of Courses of B.Com. (Accounting and Finance) Programme at Third Year Semester V and VI Under Credit, Grading and